We’re starting the first week of February off with earnings and job reports that could influence the overall market.
We’re anticipating earnings announcements for AMD and GOOGL on Tuesday, META and QCOM on Wednesday, and AMZN on Thursday. These large technology and semiconductor companies play a big role in the market, so make sure to have these events on your radar. Personally, we love to trade these names after the earnings reports, so we’ll follow up with new key levels to watch later on this week.
We’ll get a glimpse into the economic status from January from the ADP Nonfarm Employment Change report on Wednesday morning and the Nonfarm Payrolls report on Friday morning.
In today’s video, we’ll review our thesis on the market heading into the new month, specifically analyzing the daily and weekly charts on the S&P 500 (ES).
Here is our focused list:
NVDA — Could explode or dump after AMD earnings. NVDA has a big key level at $248 and if it breaks this level, we could see a reversion to the mean at $254. If NVDA stays above $240, we can expect to be bullish in the short-term. If NVDA breaks $240, we’re back at the $230 range.
SHOP — Bouncing back to major key levels. If SHOP breaks $1,050, we could see an upside rally and a reversion to the mean at $1,050. SHOP could fail to break this level and fall to $900 to a downside target at point of control (POC) at $853. Upside target for the week could be near $1,030.
Stay Focused!